Property Details


Year Built: 1957
Units: 20
Price / Unit: $225,000
Price / SqFt: $217.60
CAP: 4.10%
GRM: 14.33

Executive Summary


DOWNLOAD OFFERING MEMORANDUM

4723-4725 August St is a 20-unit gated apartment community located in Baldwin Village just south of Coliseum St between Nicolet Ave and Stevely Ave. The property consists two adjacent ten-unit buildings featuring eight one-bedrooms, eight two-bedrooms, and four three-bedrooms with 12 parking spaces.

This is a true value-add opportunity with the majority of units leased at below market rents. There is substantial rental upside of over 53% achievable through interior renovations as units turn as well as exterior capital expenditures. At the asking price, the subject property is being offered at a low $218 PSF with a pro forma CAP rate of 7.35% once stabilized. 4723-4725 August St is separately metered for gas and electric.

The property is in the heart of Los Angeles and within minutes of major entertainment and employment hubs in Culver City, LA World Airport, DTLA and Inglewood. There is a significant affordability gap to home ownership in the 90008-zip code as the median home price in the direct area is approximately $871,913 and a typical monthly mortgage payment is

considerably more than the average renovated rents at 4723-4725 August St. Additionally, the property is located less than one mile from Kaiser Permanente and the Baldwin Hills Shopping Center.

Area Overview

BALDWIN VILLAGE

In 1988, Baldwin Village became a distinct community in the city’s General Plan. It is known by locals because of the tropical trees and foliage such as palms, banana trees and begonias that once thrived among the area’s tropical-style postwar apartment buildings. Baldwin Village sits below the affluent Baldwin Hills, a hillside neighborhood with million dollar homes and stunning views of Los Angeles. Baldwin Hills is also home to the Kenneth Hahn State Recreation Area, a state park unit of California in the Baldwin Hills Mountains of Los Angeles. As one of the largest urban parks and regional open spaces in the Greater Los Angeles Area, many have called it “L.A.’s Central Park”.

In late 2008, Koreatown was granted a special graphics district designation that allows the neighborhood to display digital signage similar to Times Square. The Korean community is highly invested in the development of its neighborhood, with an estimated $1 billion invested since the early 2000s. Koreatown is one of the densest neighborhoods in Los Angeles, with a population of about 120,000 people. Koreatown has been experiencing a development boom, with projects by firms including Jamison Services, Trammell Crow Company, and CIM Group.

DOWNLOAD OFFERING MEMORANDUM

Interested In This Property?

Fill out the form below to learn more.

  • This field is for validation purposes and should be left unchanged.